We teach entrepreneurship law clinics in which our students do transactional work on a wide range of matters, including business formation, contracts, intellectual property protection and regulatory compliance.
This past semester, we had access to generative artificial intelligence tools from Lexis, Westlaw and Bloomberg Law, as well as those that are more broadly available to the general public, including ChatGPT and Perplexity.
While we have not done a rigorous study of these tools, we have some early observations about how AI is changing how transactional lawyers do their jobs, particularly new transactional lawyers. Our own experience has been mostly positive, when these tools are used responsibly. But there are many caveats that experienced and new practitioners should be aware of.